I just realized today that the 529 I opened for Nathaniel at birth is still open. I forgot about it after I got busy as a single mom going to school, working, doing homework and housework.
Every month from March until December of 2006 I put $5 a month in it (we were poor poor). In 2007 it received a deposit from Upromise (cash back incentives from shopping). Nothing since.
Today the account that I haven’t personally but anything in since 2006 is worth $289.89.
17 years of just sitting in an account growing with the market.
I wish I had continued to contribute to it because imagine what $5 a month for 17 years would have looked like when $84.28 increased by over 343%.
My point is that 17+ years from now, even saving as little as $5 a month will grow your savings more than not saving anything at all. Whether you save for yourself or your children, you won’t regret putting that $5 away.
*Btw this account was abandoned but he does have another 529 so he will be ok.
If you’re interested in saving for your child with as little as $5 a month we have been using College Backer and highly recommend it. Not only can you set an automatic contribution as as low as $5 a month but you can also invite friends and family to contribute.
For myself, I use Stash to grow my savings. For just yourself it is $3 a month and you can also set an automatic contribution for as low as $5 a month. You can upgrade your account to contribute to an IRA and/or custodial accounts for your children. I also use Robinhood but just for myself. Robinhood has cryptocurrency and options available but you should know these can come with higher risk.
